# In the matter of Laiba International Pvt. Ltd.

> NCLT judgment dated 2024-03-20. Citation: TCN-2024-NCLT-02012. Kaliber Associates Pvt. Ltd. filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 20 Mar 2024
- **Citation:** TCN-2024-NCLT-02012
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/laiba-international-pvt-ltd-fc473116

## Summary

### Background

Kaliber Associates Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Laiba International Pvt. Ltd., alleging default in payment of financial facilities extended by the applicant. The applicant claimed that the corporate debtor defaulted on payments, as reflected in the audited financial statements for the years 2019-20, 2020-21, and 2021-22. The applicant submitted details of the default to the Information Utility (IU), namely National E-governance Services Ltd., which issued a report authenticating the default.

## Facts

Kaliber Associates Pvt. Ltd. (the applicant/financial creditor) filed an application under Section 7 of the IBC against Laiba International Pvt. Ltd. (the corporate debtor) for defaulting on financial facilities. The applicant submitted that the corporate debtor's audited financial statements for 2019-20, 2020-21, and 2021-22 reflected the availed financial facilities. The applicant also submitted details of the default to the Information Utility (IU), National E-governance Services Ltd., which issued a report on 05.01.2022 authenticating the default. The corporate debtor argued that the petition was time-barred. The date of default was 31.01.2019. The corporate debtor's balance sheets for the years 2019-20, 2020-21, and 2021-22 showed the amount of debt as its

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## Issues and analysis

### Issue 1: Whether the application under Section 7 …

**Ratio:** The limitation period starts from the date of acknowledgement of the debt, as per the

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**Reasoning:** The court noted that the corporate debtor's balance sheets for the years 2019-20,

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**Interpretation:** Section 18 of the Limitation Act states that if there is acknowledgement of

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**Application:** The corporate debtor's balance sheets served as acknowledgement of the debt,

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. SUBRATA KUMAR…
- **Appellants:** Kaliber Associates…
- **Respondents:** Laiba Internationa…

## Timeline

- **2021-01-28 — Submission of Default…**: Applicant/Financial Creditor submitted details of default committed by the Corporate…
- **2022-01-05 — IU Report…**: The IU issued its report to the Financial Creditor authenticating the default committed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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